As the Union Budget 2026–27 nears on February 1, industry leaders are urging the government to emphasize policies that encourage long-term growth, investment, and inclusion, rather than just short-term highlights. Across various sectors—from fintech and FMCG to real estate and healthcare—the consensus is clear: there is a pressing need for stability, clarity, and targeted support.
Focus on Global Competitiveness and Trade Reforms
Rahul Ahluwalia, Founder-Director of the Foundation for Economic Development, noted that 2026 may bring significant policy uncertainty globally due to geopolitical and trade tensions. “Enhancing India’s competitiveness regarding ease and cost of doing business is essential. Customs reforms suggested by the FM could be a pivotal move, while reinforcing last year’s policy reforms would demonstrate consistency,” he stated.
Piyush Doshi, Operating Partner at the Foundation for Economic Development, emphasized that last year’s focus on consumption and tax relief offers little room for new tax changes. “The current challenge is to stimulate investments and employment, especially in manufacturing. The budget should enhance deregulation, advance customs reforms, liberalize FDI, and promote asset monetization, particularly in tourism and labor-intensive manufacturing,” he asserted.
Real Estate Growth in Tier II & III Cities
Real estate developers are advocating for policy stability. Yashank Wason, MD of Royal Green Realty, pointed out that Tier II and III cities are increasingly rivaling metros by offering improved infrastructure and spacious homes at competitive prices. “Further tax incentives, GST clarity, and policy support are vital for sustaining long-term investments and enhancing lifestyles beyond metro areas,” he remarked.
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Sidharth Chowdhry, MD of Dalcore, added that premium markets like Gurugram would gain from a rationalized stamp duty, improved home loan benefits, and easier access to affordable financing. “Recognizing infrastructure status and providing targeted fiscal support can make high-quality projects feasible while boosting investor confidence,” he mentioned.
Healthcare Spending Still Below Target
Prashant Krishnan, CEO of TI Medical, highlighted that India’s public health expenditure remains under 2% of GDP, which is below the 2.5% target set by the National Health Policy. “Increased budgetary support and prioritizing Made-in-India medical devices will help lower out-of-pocket expenses, foster innovation, and enhance India’s MedTech competitiveness,” he noted.
FMCG, Rural Demand, and MSMEs
Nikhil Doda, COO of Lahori Zeera, observed GST mismatches that raise costs for manufacturing and marketing. “Input tax credits on services and machinery cannot be fully utilized, leading to increased working capital requirements. Budget support should drive rural and semi-urban demand through enhanced infrastructure, agriculture, and employment initiatives, while strengthening MSMEs and local manufacturing,” he explained.
Startups and Fintech: Growth with Predictability
Nischal Shetty, Founder of WazirX, described startups as “catalysts for nation-building,” especially in emerging fields like crypto.
Fintech leaders echoed the necessity for structural clarity. Matías Gainza Eurnekian, CEO of Federal Card Services, underscored the importance of incentives for advanced manufacturing, local production, and ongoing PLI support to scale digital payments. Dilip Modi, CEO of Spice Money, emphasized the need to bolster rural fintechs and non-bank business correspondents to deepen financial inclusion, alongside clear regulations and operational transparency.
Empowering Women, Youth, and Financial Inclusion
Prachi Kaushik, Founder of Vyomini Social Enterprise, advocated for policies that prioritize women and youth, with a focus on investments in skill development, entrepreneurship, and livelihood programs. Sarika Shetty, CEO of RentenPe, recommended recognizing rent as a legitimate credit signal to improve financial access for many, leveraging digital payments and tenancy reforms.
Policy Predictability over One-Off Announcements
Sanjaya Mariwala, Executive Chairman of OmniActive Health Technologies, argued that frequent changes in incentives, tax laws, and schemes impose hidden costs. “The industry needs multi-year frameworks with defined progress reporting. Predictability coupled with accountability will foster sustained economic momentum,” he stated.
Leaders across various sectors concur that Budget 2026 should emphasize targeted reforms, fiscal predictability, and sector-specific assistance. The focus should be on converting policy signals into long-term economic results rather than short-lived announcements, promoting manufacturing, enhancing rural demand, facilitating fintech growth, supporting women-led businesses, and reinforcing Tier II/III real estate.
